Crypto Market Hits $3 Trillion Market Cap as Bitcoin, Ethereum Head North

Crypto Market Hits $3 Trillion Market Cap as Bitcoin, Ethereum Head North

Key Takeaways

  • The total market capitalization of cryptocurrencies surpassed $3 trillion.
  • Bitcoin seems to be heading in the direction of $74,700.
  • Ethereum is in value discovery mode, eying $5,000.

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The cryptocurrency market has kicked off the week with a bang. Ethereum seems to be main the current run-up among the many high cryptos, however Bitcoin may quickly catch up as it edges nearer to new all-time highs. 

Crypto Market Tops $3 Trillion for the First Time

Bitcoin and Ethereum are heading to greener pastures. 

The high two cryptocurrencies by market cap noticed their costs surge by greater than 3.5% because the starting of the brand new weekly buying and selling session. BTC almost retested earlier all-time highs whereas ETH made a brand new file excessive at $4,770. 

The similar bullish value motion has been seen throughout the board. Avalanche, Dogecoin, and XRP rank among the many high gainers, growing by over 7.5% market worth prior to now 24 hours. 

Such a big capital inflow has pushed the general market capitalization of cryptocurrencies to surpass $3 trillion for the primary time, in line with data from CoinGecko. 

Source: Coin360

As retail buyers seem like re-entering the cryptocurrency market, additional upward stress could be anticipated. Bitcoin seems to be concentrating on $74,700 whereas Ethereum would possibly intention for $5,000. 

Bitcoin Targets New All-Time Highs

The flagship cryptocurrency has lastly concluded a two-week-long consolidation interval. 

Its value was caught between $60,000 and $63,600 since Oct. 21 with out offering any clear alerts of the place it was heading subsequent. Now that the overhead resistance has been breached, it seems that Bitcoin is certain for brand spanking new all-time highs. 

The current bullish impulse seems to have been anticipated by an ascending parallel channel that developed on BTC’s 3-day chart. The sample’s center trendline held as help and served as a rebound level for Bitcoin. 

Further upward stress may now push costs in the direction of the channel’s higher boundary at $74,700. 

Bitcoin US dollar price chart
Source: TradingView

As Bitcoin seems to be heading increased, it should print a 3-day candlestick shut above $65,000 to verify the optimistic outlook. Failing to take action may lead to a steep correction in the direction of the channel’s decrease trendline at round $57,000. 

Ethereum Re-Enters Price Discovery 

Ethereum seems to be main the current run-up within the cryptocurrency market. 

The second-largest cryptocurrency by market cap has re-entered value discovery mode after a short consolidation interval. It reached a brand new all-time excessive of $4,770 not too long ago and seems to be certain for additional good points. 

The Tom DeMark (TD) Sequential indicator’s breakout line is at the moment hovering round $5,000, suggesting Ethereum is rising in the direction of it. Investors could also be inclined to understand some income round this value level, given the psychological impression of such costs. If this had been to occur, ETH would probably decelerate earlier than persevering with its uptrend. 

Ethereum US dollar price chart
Source: TradingView

It is price noting that no matter Ether’s value response at $5,000, the development stays upward. The breakout from a cup and deal with on Oct. 20 signifies that Ethereum has greater than 95% good points to understand earlier than any important correction. Such a bullish outlook places ETH at $9,350.

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